Floor Plan Loans. (a) Each Floor Plan Loan Borrowing may be in any amount. (b) Each Floor Plan Loan Borrowing shall be a SOFR Borrowing (unless (i) the Alternate Base Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made as a Quoted Rate Borrowing). Each Floor Plan Lender may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note. (c) A Floor Plan Borrower shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx hereunder and has otherwise complied with the provisions of Section 9.16(b). (d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing made to any of the Floor Plan Borrowers by the Lenders on the Closing Date or on any Floor Plan Adjustment Date shall be in the minimum aggregate principal amount of One Million Dollars ($1,000,000) and in integral multiples of One Million Dollars ($1,000,000); provided that a Comerica Prime Rate Loan or a Floor Plan Loan resulting from a Draft may be in any amountamount and shall consist of Floor Plan Loans of the same Type made ratably by the Lenders in accordance with their respective Pro Rata Share of Floor Plan Loan Commitments; provided, however, that the failure of any Lender to make any Floor Plan Loan shall not relieve any other Lender of its obligation to lend hereunder.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Borrowing (unless (i) the Alternate Base Comerica Prime Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made Eurodollar Borrowing as a Quoted Rate Borrowing)any of the Floor Plan Borrowers may request pursuant to Section 2.3. Each Floor Plan Lender may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Eurodollar Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) Not later than 10:00 A.M., HOUSTON, TEXAS TIME on the Closing Date any one or more of the Floor Plan Borrowers shall deliver a Request for Borrowing to the Floor Plan Agent. Not later than 11:00 A.M. HOUSTON, TEXAS TIME of the same day, the Floor Plan Agent shall notify the Agent of the Type of Borrowing requested and the aggregate amount of Floor Plan Loans being requested by the Floor Plan Borrowers as of the Closing Date, less an amount equal to the initial Swing Line Loan Minimum Amount. Upon receipt of such notice, the Agent shall notify each Lender of the contents thereof and the amount of the Floor Plan Loan required to be advanced by such Lender.
(d) Each Lender shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day not later than 3:00 P.M., HOUSTON, TEXAS TIME, and, subject to satisfaction of the conditions set forth in Article VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. Upon receipt of such funds the Floor Plan Agent shall promptly and in any event on the same day, credit the amount so received to the account of the applicable Borrower.
(e) Unless the Agent shall have received notice from a Lender prior to the date of any such Floor Plan Loan Borrowing that such Lender will not make available to the Agent such Lender's portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Floor Plan Loan Borrowing in accordance with this Section 2.2(e) and the Agent may, in reliance upon such assumption, make available to the Floor Plan Agent on such date a corresponding amount. If, and to the extent that such Lender shall not have made such portion available to the Agent, such Lender and the applicable Floor Plan Borrowers severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Floor Plan Agent until the date such amount is repaid to the Agent (i) in the case of the Floor Plan Borrowers, at the Applicable Interest Rate at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, at the Federal Funds Effective Rate. If such Lender shall repay to the Agent such corresponding amount, such amount shall constitute such Lender's Loan as part of such Borrowing for purposes of this Agreement.
(f) A Floor Plan Borrower Subsidiary shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes Notes, and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx Lenders hereunder and has otherwise complied with the provisions of Section 9.16(b)9.15.
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing made to any of the Floor Plan Borrowers by the Banks on the Closing Date or on any Floor Plan Adjustment Date shall be in the minimum aggregate principal amount of One Million Dollars ($1,000,000) and in integral multiples of One Million Dollars ($1,000,000); provided that a Comerica Prime Rate Loan or a Floor Plan Loan resulting from a Draft may be in any amountamount and shall consist of Floor Plan Loans of the same Type made ratably by the Banks in accordance with their respective Pro Rata Share of Floor Plan Loan Commitments; provided, however, that the failure of any Bank to make any Floor Plan Loan shall not relieve any other Bank of its obligation to lend hereunder.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Borrowing (unless (i) the Alternate Base Comerica Prime Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made Eurodollar Borrowing as a Quoted Rate Borrowing)any of the Floor Plan Borrowers may request pursuant to Section 2.3. Each Floor Plan Lender Bank may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Eurodollar Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender Bank to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) Not later than 10:00 a.m., Houston, Texas time on the Closing Date any one or more of the Floor Plan Borrowers shall deliver a Request for Borrowing to the Floor Plan Agent. Not later than 11:00 a.m. Houston, Texas time of the same day, the Floor Plan Agent shall notify the Agent of the Type of Borrowing requested and the aggregate amount of Floor Plan Loans being requested by the Floor Plan Borrowers as of the Closing Date, less an amount equal to the initial Swing Line Loan Minimum Amount. Upon receipt of such notice, the Agent shall notify each Bank of the contents thereof and the amount of the Floor Plan Loan required to be advanced by such Bank.
(d) Each Bank shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day not later than 3:00 p.m., Houston, Texas time, and, subject to satisfaction of the conditions set forth in Article VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Banks. Upon receipt of such funds the Floor Plan Agent shall promptly and in any event on the same day, credit the amount so received to the account of the applicable Borrower.
(e) Unless the Agent shall have received notice from a Bank prior to the date of any such Floor Plan Loan Borrowing that such Bank will not make available to the Agent such Bank's portion of such Borrowing, the Agent may assume that such Bank has made such portion available to the Agent on the date of such Floor Plan Loan Borrowing in accordance with this Section 2.2(e) and the Agent may, in reliance upon such assumption, make available to the Floor Second Amended and Restated Revolving Credit Agreement Plan Agent on such date a corresponding amount. If, and to the extent that such Bank shall not have made such portion available to the Agent, such Bank and the applicable Floor Plan Borrowers severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Floor Plan Agent until the date such amount is repaid to the Agent (i) in the case of the Floor Plan Borrowers, at the Applicable Interest Rate at the time to the Loans comprising such Borrowing and (ii) in the case of such Bank, at the Federal Funds Effective Rate. If such Bank shall repay to the Agent such corresponding amount, such amount shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement.
(f) A Floor Plan Borrower Subsidiary shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan LendersBanks, as aforesaid, the Notes Notes, and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx Banks hereunder and has otherwise complied with the provisions of Section 9.16(b)9.15.
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Floor Plan Loan”) to the Floor Plan Borrowers, jointly or severally, from time to time, on any Business Day during the Floor Plan Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Floor Plan Commitment, for the purpose of enabling such Borrowers and the other Loan Parties to purchase Inventory consisting of New Vehicles (including Fleet Vehicles), Used Vehicles, Loaner Vehicles and Demonstrator Vehicles; provided that, after giving effect to each Floor Plan Borrowing: (a) Each the Total Floor Plan Loan Borrowing may be in any amount.
Outstandings shall not exceed the Aggregate Floor Plan Commitments; (b) Each the aggregate Outstanding Amount of the Floor Plan Loan Borrowing Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans, shall be a SOFR Borrowing not exceed such Lender’s Floor Plan Commitment; (unless (ic) the Alternate Base Rate is Total Floor Plan Outstandings for New Vehicles, Used Vehicles, Loaner Vehicles and Demonstrator Vehicles will not exceed the sublimits with respect to each Loan Party and Vehicle type set forth in effect the Vehicle Allocation Schedule unless otherwise approved by the Administrative Agent in accordance with Article V hereof, its sole discretion; and (d) the Total Floor Plan Outstandings for Fleet Vehicles will not exceed such sublimits and aggregate amount as are determined from time to time by the Administrative Agent in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made as a Quoted Rate Borrowing)its sole discretion. Each Floor Plan Lender Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as such Borrowers may fulfill its obligation to make request. Proceeds of Floor Plan Loans shall only be used to pay the purchase price of Vehicles, including the refinancing of Swing Line Loans, other Floor Plan Loans or Indebtedness existing as of the Closing Date, in each case, utilized for such purpose. Within the limits of each Lender’s Floor Plan Commitment and the Aggregate Floor Plan Commitments, and subject to the other terms and conditions hereof, such Borrowers may borrow, repay and reborrow Floor Plan Loans on a revolving basis. Notwithstanding anything herein to the contrary, (a) no borrowing of Floor Plan Loans or Swing Line Loans may be made under or with respect to the sublimits with respect to LMP Greeneville BBCBCG, LLC set forth in the Vehicle Allocation Schedule, or to finance or otherwise with respect to any SOFR Loan by causingvehicles of LMP Greeneville BBCBCG, at its optionLLC or the dealership being acquired in the Xxxxxxx Dealership Acquisition, any domestic unless and until the Xxxxxxx Dealership Acquisition and the Xxxxxxx Real Property Acquisition have been consummated (or foreign branch or Affiliate are being consummated substantially simultaneously with such borrowing); (b) no borrowing of such Floor Plan Lender Loans or Swing Line Loans may be made under or with respect to make the sublimits with respect to LMP Beckley HOB, LLC set forth in the Vehicle Allocation Schedule, or to finance or otherwise with respect to any vehicles of LMP Beckley HOB, LLC or the dealership being acquired in the Beckley Hyundai Acquisition, unless and until the Beckley Hyundai Acquisition has been consummated (or are being consummated substantially simultaneously with such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
borrowing); and (c) A no borrowing of Floor Plan Borrower shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes and to the Loans or Swing Line Bank, a Swing Line Note, Loans may be made under or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx hereunder and has otherwise complied with the provisions of Section 9.16(b).
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower the sublimits with respect to LMP Xxxxxxx XX, LLC set forth in the Vehicle Allocation Schedule, or to finance or otherwise with respect to any vehicles of LMP Xxxxxxx XX, LLC or the dealership being acquired in the Beckley Subaru Acquisition, unless and until the Beckley Subaru Acquisition has been consummated (or are being consummated substantially simultaneously with such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agentborrowing).
Appears in 1 contract
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing may be in any amount.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Borrowing (unless (i) the Alternate Base Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made as a Quoted Rate Borrowing). Each Floor Plan Lender may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) A Floor Plan Borrower shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx hereunder Lenders xxxxxxxer and has otherwise complied with the provisions of Section 9.16(b).
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing made to any of the Floor Plan Borrowers by the Banks on the Closing Date or on any Floor Plan Adjustment Date shall be in the minimum aggregate principal amount of One Million Dollars ($1,000,000) and in integral multiples of One Million Dollars ($1,000,000); provided that a Comerica Prime Rate Loan or a Floor Plan Loan resulting from a Draft may be in any amountamount and shall consist of Floor Plan Loans of the same Type made ratably by the Banks in accordance with their respective Floor Plan Loan Commitments; provided, however, that the failure of any Bank to make any Floor Plan Loan shall not relieve any other Bank of its obligation to lend hereunder.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Borrowing (unless (i) the Alternate Base Comerica Prime Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially resulting from a Draft in which case it shall be made Eurodollar Borrowing as a Quoted Rate Borrowing)any of the Floor Plan Borrowers may request pursuant to Section 2.3. Each Floor Plan Lender Bank may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Eurodollar Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender Bank to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) A Not later than 10:00 A.M., HOUSTON, TEXAS TIME on the Closing Date any one or more of the Floor Plan Borrower Borrowers shall not be entitled to request deliver a Floor Plan Request for Borrowing hereunder until it (i) has executed and delivered to the Floor Plan LendersAgent. Not later than 11:00 A.M. HOUSTON, as aforesaidTEXAS TIME of the same day, the Notes and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent shall notify the Agent of the Type of Borrowing requested and the Required Xxxxxxx hereunder aggregate amount of Floor Plan Loans being requested by the Floor Plan Borrowers as of the Closing Date, less an amount equal to the initial Swing Line Loan Minimum Amount. Upon receipt of such notice, the Agent shall notify each Bank of the contents thereof and has otherwise complied with the provisions of Section 9.16(b)such Bank's Pro Rata Share of such Borrowing.
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled Each Bank shall, upon request from the Agent, from time to request a New Vehicle time as herein provided, make its Pro Rata Share of the amount of such Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect Borrowing to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).the
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing shall be in the minimum aggregate principal amount of $1,000,000 and in integral multiples of $1,000,000; provided that a Swing Line Loan, Swing Line Overdraft Loan, Comerica Prime Rate Loan or a Floor Plan Loan resulting from a Draft may be in any amountamount and shall consist of Floor Plan Loans of the same Type made ratably by the Floor Plan Lenders in accordance with their respective Pro Rata Share of Floor Plan Loan Commitments; provided, however, that the failure of any Floor Plan Lender to make any Floor Plan Loan shall not relieve any other Floor Plan Lender of its obligation to lend hereunder.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Comerica Prime Rate Borrowing or a Eurodollar Borrowing (unless (i) the Alternate Base Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially other than those resulting from a Draft in Draft, which case it shall be made initially borrowed as a Swing Line Loans bearing interest at the Quoted Rate Borrowingplus the applicable margin set forth in Section 5.2(e)) as any of the Floor Plan Borrowers may request pursuant to Section 2.3. Each Floor Plan Lender may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Eurodollar Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) A Floor Plan Borrower shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes Notes, and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx Lenders hereunder and has otherwise complied with the provisions of Section 9.16(b).
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Floor Plan Loans. (a) Each Floor Plan Loan Borrowing shall be in the minimum aggregate principal amount of One Million Dollars ($1,000,000) and in integral multiples of One Million Dollars ($1,000,000); provided that a Swing Line Loan, Swing Line Overdraft Loan, Comerica Prime Rate Loan or a Floor Plan Loan resulting from a Draft may be in any amountamount and shall consist of Floor Plan Loans of the same Type made ratably by the Floor Plan Lenders in accordance with their respective Pro Rata Share of Floor Plan Loan Commitments; provided, however, that the failure of any Floor Plan Lender to make any Floor Plan Loan shall not relieve any other Floor Plan Lender of its obligation to lend hereunder.
(b) Each Floor Plan Loan Borrowing shall be a SOFR Comerica Prime Rate Borrowing or a Eurodollar Borrowing (unless (i) the Alternate Base Rate is in effect in accordance with Article V hereof, in which case the Borrowing shall be made as an ABR Borrowing or (ii) initially other than those resulting from a Draft in Draft, which case it shall be made as a at the Quoted Rate Borrowing)only) as any of the Floor Plan Borrowers may request pursuant to Section 2.3. Each Floor Plan Lender may fulfill its obligation to make Floor Plan Loans with respect to any SOFR Eurodollar Loan by causing, at its option, any domestic or foreign branch or Affiliate of such Floor Plan Lender to make such Loan, provided that the exercise of such option shall not affect the obligation of the applicable Floor Plan Borrower to repay such Loan in accordance with the terms of the applicable Note.
(c) A Floor Plan Borrower Subsidiary shall not be entitled to request a Floor Plan Borrowing hereunder until it (i) has executed and delivered to the Floor Plan Lenders, as aforesaid, the Notes Notes, and to the Swing Line Bank, a Swing Line Note, or has joined such Notes by execution and delivery of an Addendum, (ii) has become a party to this Agreement by execution and delivery of this Agreement or an Addendum, and (iii) has become a party to the Security Documents, accompanied in each case by authority documents, legal opinions and other supporting documents as required by Agent, Floor Plan Agent and the Required Xxxxxxx Lenders hereunder and has otherwise complied with the provisions of Section 9.16(b).
(d) A Floor Plan Borrower that becomes a Dual Subsidiary shall not be entitled to request a New Vehicle Floor Plan Loan or a New Vehicle Swing Line Loan from and after the Dual Subsidiary Financing Commencement Date with respect to such Floor Plan Borrower unless and until such time as such Floor Plan Borrower ceases to be a Dual Subsidiary (as notified in writing to the Agent).
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)